Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:37A-22. Custodian of fund; disbursements; investments The fund created by this act shall be separate and apart from any other fund and from all other State moneys. The State Treasurer shall be the custodian of said fund; and all disbursements from said fund shall be made by th…

17:37A-23. Insufficiency of fund to pay claims; appropriation If in any year or at any time the fund as hereinabove established is insufficient to pay claims chargeable to the fund to the extent of 5% of the most recent full calendar year basic property insurance premiums written…

17:37A-24. Entry upon lands for examination The agents and employees of any insurer of this State participating in a plan established pursuant to this act may enter upon any lands and premises in the State for the purpose of making such examination as is necessary or convenient f…

17:37A-25. Federal programs of reinsurance; participation In addition to any powers conferred upon him by this or any other law, the commissioner is authorized to do all things necessary to enable this State and any insurer participating in any plan approved or issued by the comm…

17:37A-26. Rules and regulations The commissioner may make reasonable rules and regulations to carry out the purposes of this act. L.1968, c. 129, s. 26, eff. July 1, 1968.

17:37A-27. Reports from insurers concerning risks The commissioner may require such reports from insurers concerning risks insured under any plan approved or issued pursuant to this act as he shall deem necessary. L.1968, c. 129, s. 27, eff. July 1, 1968.

17:37A-3. Creation of association; membership There is hereby created the New Jersey Insurance Underwriting Association, consisting of all insurers authorized to write and engaged in writing within this State, on a direct basis, property insurance. Every such insurer shall be a m…

17:37A-4. Powers The association shall, pursuant to the provisions of this act and the plan of operation, and with respect to essential property insurance on insurable property, have the power, on behalf of its members: a. To cause to be issued policies of insurance to applicants…

17:37A-5. Board of directors; election or appointment The association shall be governed by a board of 21 directors, 10 of whom shall be elected annually by the members of the association, whose votes in such election shall be weighted in accordance with each member's participatio…

17:37A-6. Writings, expenses, profits and losses; participation by members All members of the association shall participate in its writings, expenses, profits and losses in the proportion that the net direct premiums of each such member (but excluding that portion of premiums att…

17:37A-7. Proposed plan of operation; provisions; review and approval; amendments; annual review a. Within 90 days after the effective date of this act, the directors of the association shall submit to the commissioner, for his review and approval, a proposed plan of operation. S…

17:37A-8. Essential property insurance; application; contents; denial; appeal a. Any person having an insurable interest in insurable property, who has failed to procure essential property insurance from an authorized insurer in the normal insurance market, shall, on or after the…

17:37A-9. Ceding insurance to association Any member of the association may cede to the association essential property insurance written on insurable property, to the extent, if any, and on the terms and conditions set forth in the plan of operation. L.1968, c. 129, s. 9, eff. Ju…

17:37B-1. Findings, declarations The Legislature finds and declares: a. That the present crisis in commercial insurance, which is characterized by the lack of availability and rapidly escalating insurance costs, has severely disrupted the economy of this State and has caused many…

17:37B-2. Division of Property-Casualty Examination There is created in the Department of Insurance a Division of Property-Casualty Examination. The division shall perform all financial examinations of property and casualty insurers, as provided in this act and as otherwise provi…

17:37B-3. Additional duties of division a. In addition to any other duties otherwise prescribed by law, the division shall analyze the general business practices being followed by insurers writing the class or classes of insurance provided for in R.S. 17:17-1, including, but not …

17:37B-4. Definitions For the purposes of this act: a. "Commissioner" shall mean the Commissioner of Insurance; b. "Division" shall mean the Division of Property-Casualty Examination established by section 2 of this act. L. 1987, c. 406, s. 4.

17:37B-5. Rules, regulations The commissioner shall promulgate rules and regulations as are necessary to carry out the purposes of this act. L. 1987, c. 406, s. 5.

17:38-1.1. Fraternal benefit society contracts; conformity with health insurance provisions One year after the effective date of this supplementary act, and thereafter, no domestic, foreign or alien fraternal benefit society authorized to do business in this State shall issue or …

17:38-1.2. Law applicable Section 17B:26-2 of Title 17B shall not apply to fraternal benefit societies nor shall that part of section 17B:26-4 apply which requires that the policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insu…

17:38-13.12. Effective date of act This act shall take effect on January first, one thousand nine hundred and fifty-two. L.1951, c. 237, p. 852, s. 13.

17:44B-1. Definitions relative to fraternal benefit societies 1. As used in this act: "Benefit contract" means an agreement for provision of benefits authorized by section 16 of this act, as that agreement is described in subsection a. of section 18 of this act. "Benefit member" …

17:44B-10. Formation of domestic society 10. A domestic society organized on or after the effective date of this act shall be formed as follows: a. Seven or more citizens of the United States, a majority of whom are citizens of this State, who desire to form a fraternal benefit s…

17:44B-11. Amendment of laws of domestic society 11. a. A domestic society may amend its laws in accordance with the provisions of those laws by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. The referendu…

17:44B-12. Establishment of not-for-profit institutions 12. a. A society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by paragraph (2) of subsection a. of section 5 of this act. These in…

17:44B-13. Reinsurance agreement to cede risks 13. a. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to reinsure and authorized to do business …

17:44B-14. Consolidation, merger 14. a. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the commissioner: (1) a certified copy of the written contract containing in full the terms and conditio…

17:44B-15. Conversion to domestic mutual insurer 15. a. A domestic fraternal benefit society which is organized pursuant to the provisions of this act may convert to a domestic mutual insurer by complying with the provisions of this section. b. A written plan of conversion settin…

17:44B-16. Provision of contractual benefits 16. a. A society may provide the following contractual benefits in any form, except in the form of group insurance: (1) death benefits; (2) endowment benefits; (3) annuity benefits; (4) temporary or permanent disability benefits; (5) h…

17:44B-17. Right to change beneficiary 17. a. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing …

17:44B-18. Issuance of certificate specifying amount of benefits 18. a. Every society authorized to do business in this State shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided by the contract. The certificate, together with a…

17:44B-19. Certificates issued in 1998, compliance with prior law; after 1998 requirements 19. a. For certificates issued prior to one year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or o…

17:44B-2. Fraternal benefit society 2. Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of section 35 of this act, whether incorporated or not, conducted solely for the benefit of its members and their beneficiar…

17:44B-20. Investment of funds of society 20. A society shall invest its funds only in investments that are authorized by the laws of this State for the investment of assets of domestic life insurers and subject to the limitations thereon. Any foreign or alien society permitted o…

17:44B-21. Holding, investment, disbursement of assets 21. a. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surren…

17:44B-22. Societies governed by act 22. Except as otherwise provided in this act, societies shall be governed by this act and shall be exempt from all other provisions of the insurance laws of this State, not only in governmental relations with the State, but for every other pur…

17:44B-23. Society declared charitable, benevolent institution 23. Every society organized or licensed under this act is declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every State, county, district, municipal and school t…

17:44B-24. Standards of valuation for certificates 24. a. Standards of valuation for certificates issued prior to one year after the effective date of this act shall be those provided by the laws applicable immediately prior to the effective date of this act. b. The minimum stand…

17:44B-25. Filing of annual statement 25. a. Every society transacting business in this State shall annually, on or before March 1, unless for cause shown the time has been extended by the commissioner, file with the commissioner a true statement of its financial condition, trans…

17:44B-26. Authority to transact business, compliance with requirements of this act 26. Societies which are now authorized to transact business in this State, and all societies licensed on or after the effective date of this act, may continue in business until June 1 next succeed…

17:44B-27. Societies subject to examination 27. a. All societies shall be subject to examination by the commissioner in the same manner and subject to the same procedures as set forth in P.L.1993, c.236 (C.17:23-20 et seq.). b. A summary of the report of the commissioner and the …

17:44B-28. Licensing of foreign, alien society 28. No foreign or alien society shall transact business in this State without a license issued by the commissioner. Any foreign or alien society desiring admission to this State shall comply substantially with the requirements and li…

17:44B-29. Domestic societies subject to C.17B:32-31 et seq. 29. Domestic societies shall be subject to the provisions of P.L.1992, c.65 (C.17B:32-31 et seq.). L.1997,c.322,s.29.

17:44B-3. Lodge system 3. a. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and ritual. Subordinate lodges shall be required by the laws …

17:44B-30. Deficiencies, notice of; corrections; remedies 30. a. When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this State: (1) has exceeded its powers; (2) has failed to comply with any of the provis…

17:44B-31. Application, petition for injunction by State 31. No application or petition for injunction against any domestic, foreign or alien society, or lodge thereof, shall be recognized in any court of this State unless made by the Attorney General upon request of the commissi…